As housing values fall in desirable locations, many consumers are seeking holiday loans to purchase the perfect holiday house. At a recent property convention, the mood was definitely celebratory and the current housing crisis does not appear to be affecting holiday loans, at this at this location. Numerous builders and management agencies were on hand to discuss the resurgence of interest in holiday loans to purchase property in Spain and Florida as well as other property hot spots. ”Our rule is clear,” says Jeremy Law, head of buy-to-let lending at Bradford & Bingley. “We lend on the lower of an independent valuer’s report and the actual cash price paid.”Concept Property says: “The developer sends the 20% reduction to us, which we then pass on to you. So your only costs are legal expenses and stamp duty.”This special discounts will undoubtedly convince many to take out a holiday loan and take advantage of a vacation property.Isle of Man-based developer Dandara says: “Property investment has become one of the fastest growing sectors in the UK. With average annual returns of 40% per annum [sic] it’s easy to see why so many people choose UK property as a secure way to diversify their investment portfolio.”
Related reading: Holiday Loans
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